I want to be insured with MedMal Direct, but my renewal isn’t for another 6 months. Should I switch now or wait until my renewal date?
You should switch now, because you will save money. Here’s how it works: If you switch from your current carrier to MedMal Direct, your current carrier will charge you a cancellation fee of 10% of the “unearned” premium. If your policy runs from January 1st of this year to January 1st of next year, and you decide to switch to MedMal Direct on July 1st, then the first six months of the year was “earned” premium and the last six months will be “unearned” premium. Since your premium savings with MedMal Direct will be more than this cancellation fee, you will save money by switching to MedMal Direct now, rather than waiting for your renewal date.
